50 Maloti - Moshoeshoe II Independence

Lesotho gained independence from Britain in 1966, but this commemorative dates to a decade later — issued by the Lesotho Monetary Authority in its early years of operation, before the central bank was formally established in 1978. The Authority itself was a transitional institution, created specifically to manage the country's shift away from the rand-based common monetary area toward a sovereign currency, the loti, introduced in 1980.

Moshoeshoe II, the reigning king at issue, was twice deposed — first in 1990, then again in 1995 — dying in disputed circumstances at Thaba-Bosiu in January 1996.